In order that the City has assurance that the construction and installation of improvements, such as street surfacing, curbs, gutters, storm sewers and appurtenances, sanitary sewers, waterlines, sidewalks, street lighting, street signs and other required improvements, will be constructed, the subdivider shall provide a performance surety.
(a) Performance Surety. To get a final plat signed by the Mayor and Clerk before improvements, the subdivider shall furnish either a bond, executed by a surety company, cash deposit (certified check) or irrevocable letter of credit (the form must be approved by the City Law Director) equal to the cost of construction of such improvements as shown on the plans, and based on an estimate approved by the City Engineer.
The performance bond, cash deposit (certified check) or irrevocable letter of credit to the City of Kenton shall run for a period of one year and be extendable for two years from the date of execution, and shall provide that the subdivider, its or his or her heirs, successors and assigns, agents or servants, will comply with all applicable terms, conditions, provisions and requirements of these Regulations, and will faithfully perform and complete the work of constructing and installing such facilities or improvements in accordance with such laws and Regulations. Before said bond is accepted it shall be approved by the City Law Director. Whenever a cash deposit (certified check) is made, the same shall be made out to the City of Kenton.
(b) Extension of Time. If the construction or installation of any improvement or facility, for which guarantee has been made by the developer in the form of a bond or cash deposit, is not completed within two years from the date of final approval of the record plat, the developer may request the City of Kenton to grant an extension, provided he or she can show reasonable cause for the inability to complete said improvements within the required two years.
(c) Failure to Complete Improvements. When required improvements have not been installed within the terms of such performance surety, the City may thereupon declare the surety to be in default and require that all the improvements be installed regardless of the extent of the building development at the time the bond is declared to be in default. The same shall apply whenever construction of improvements is not performed in accordance with applicable standards and specifications.
(d) Acceptance of Dedication Offers. Acceptance of formal offers of dedication of streets, public areas, easements, and parks shall be by ordinance of the City Council. The approval by the Planning Commission of a subdivision plat shall not be deemed to constitute or imply the acceptance by the local government of any street, easement, or park shown on said plat.
(Ord. 97-022. Passed 1-12-98.)